Independent Standard-Setting Boards

The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.

The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.

The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.

Audit & Assurance

Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. High-quality international standards increase the comparability, consistency, clarity, credibility, and transparency of financial information. And, high-quality financial information, in turn, increases the stability of the global financial infrastructure. Read More

According to a study, audit process quality declines when audit firm tenure becomes long or fees from auditor-provided non-audit services become large for audits of privately held clients, but not for audits of publicly held clients. Read More

The Exponential Value of an Independent Auditby Patricia Cochran, former Chief Financial Officer, VSP; Board Director and Member of the Audit Committee Mechanics Bank, Mercy Housing, Inc. and Mercy Investment Services, Inc., Member of the Audit Committee of Dignity Health, and Member of the IFAC Professional Accountants in Business Committee | May 18, 2015 |

What value can an independent audit offer beyond the primary objective of assurance on the reasonableness of the financial statements? Read More

The IAASB is in an information-gathering phase of its project on agreed-upon procedures, which includes a revision of ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information, and consideration of more holistic issues involving agreed-upon procedures. Read More

Hiring a registered auditor when acquiring an SME can help to reduce obstacles and increase the success of the acquisition, according to recent insights from the Belgian Institute of Registered Auditors (IBR-IRE) Congress, “Acquisitions (Transfer and Takeover) of SMEs: Approach, Risks, and Valuation.” Read More